高盛：台湾科技行业前瞻-ASIC 人工智能服务器出货量高预期

Investment Rating - Maintain Buy on Chenbro, Auras, and E Ink [2] Core Insights - Chenbro's May revenues declined by 7% MoM to NT$1.8 billion, primarily due to FX impact and a high base, but new rack products are expected to support growth in 3Q25 [4][10] - Auras experienced a 20% MoM revenue decline in May due to FX impact and diversification of production sites, but is expected to see growth from liquid cooling adoption and AI server expansion [23][26] - E Ink's April revenues exceeded expectations, with a 50% YoY increase, driven by rising demand for e-readers and e-labels, although FX impacts may affect future growth [42][43] Summary by Company Chenbro - May revenues were NT$1.8 billion, 12% below estimates, with expectations for June revenues to remain stable [4][10] - 3Q25 revenues are anticipated to be supported by new noise-cancellation rack products and increasing market share in ASIC AI servers [4][10] - Earnings revisions reflect a 3% reduction in net income estimates for 2025-27E due to lower revenues and higher operating expenses [11][14] Auras - May revenues fell to NT$1.62 billion, with expectations for June revenues to remain at similar levels [29][30] - The company is projected to see a 19% QoQ revenue growth in 2Q25, driven by liquid cooling components and AI server expansion [23][26] - Earnings revisions indicate a slight increase in revenue estimates for 2025-27E, with a target price raised to NT$825 based on a P/E multiple of 19.9x [41][30] E Ink - April revenues were NT$3.31 billion, 14% above estimates, with a 50% YoY growth attributed to increased demand for e-readers and e-labels [42][43] - Future revenues are expected to be stable, with a projected 15% QoQ growth in 2Q25 [47] - Earnings revisions show a reduction in net income estimates for 2025-27E by 19% due to lower revenue expectations and higher operating expenses [49][51]